Fitch

August 16, 2024 6:30 PM

Political chaos in Bangladesh could lead to credit downgrade: Fitch

Fitch Ratings said on Thursday that the fall of the Awami League government in Bangladesh, following protests in July and August, raised uncertainty about the sovereign's credit profile. "Downward pressure on Bangladesh's rating could increase if the political transition faces challenges, including prolonged political violence, or leads to policy paralysis and exacerbates fiscal or external stresses," said Fitch Ratings. Fitch downgraded Bangladesh’s rating to ‘B+’/Stable, from ‘BB-’/...

May 28, 2024 7:38 PM

Fitch Downgrades Bangladesh to ‘B+’; Outlook Stable

Fitch Ratings has downgraded Bangladesh's Long-Term Foreign-Currency Issuer Default Rating on Monday to 'B+' from 'BB-' owing to weakening of Bangladesh's external buffers. The country's forex reserves are down substantially due to continued forex interventions, capital outflows and persistent use of informal channels for remittances. Bangladesh's reserves have fallen by 15% from January 2024 levels to USD18.4 billion, said the agency in a report. Domestic US dollar scarcity has resulted in eff...

May 16, 2024 4:57 PM

RBI’s red flag on non-bank lenders raises volatility, Fitch says

Fitch Ratings feels that the Reserve Bank of India's (RBI) latest efforts to strengthen corporate governance and risk management in the non-bank financial institutions (NBFIs) may reduce industry risks over the longer term, if successful, but it would raise near-term business volatility for those affected non-bank entities. The rating agency noted that the advisories being put out by the RBI concerning non-bank financial institutions (NBFIs) in the recent past have highlighted the compliance ga...